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@techreport{NBERw14020,
title = "Measuring the Output and Prices of the Lottery Sector: An Application of Implicit Expected Utility Theory",
author = "Kam Yu",
institution = "National Bureau of Economic Research",
type = "Working Paper",
series = "Working Paper Series",
number = "14020",
year = "2008",
month = "May",
doi = {10.3386/w14020},
URL = "http://www.nber.org/papers/w14020",
abstract = {Using implicit expected utility theory, a money metric of utility derived from playing a lottery game is developed. Output of the lottery sector can be defined as the difference in utility with and without the game. Using a kinked parametric functional form, outputs of the Canadian Lotto 6/49 are estimated. Results show that this direct economic approach yield an average output which is almost three times of the official GDP, which takes total factor costs as output. A by-product of the estimation is an implicit price index for lottery, which can serve as a cost-of-living index for the CPI. The estimated price elasticity of demand -0.67 closely resembles results for the U.K. and Israel in previous studies.},
}